A conservative and diverse mix of business across the U.S. provides revenue stability through business cycles. The management team has a history of solidly executing its strategy. The company maintains top market shares in a number of banking businesses. Future growth is likely to come through acquisitions. A more aggressive dividend or repurchase policy, or an accelerated retirement of hybrids, could slow capital growth. The negative outlook on Wells Fargo&Co. and its operating companies (WFC) reflects the outlook on the U.S. sovereign rating given the extraordinary support Standard&Poor's Ratings Services incorporates into the ratings on WFC. If we were to lower the U.S. sovereign rating to 'AA', we would also lower the issuer credit rating (ICR)
